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CBN Suspends Charges On Cash Deposits Above N500,000

The CBN made this known in a statement on Monday signed by its Acting Director of Supervision, Adetona Adedeji.


FILES: A vendor holds old banknotes at Awgbu market in Anambra State, Southeast Nigeria, on February 17, 2023 (Photo by PIUS UTOMI EKPEI / AFP)

 

The Central Bank of Nigeria (CBN) has suspended charges on cash deposits about N500,000 till April 30, 2024.

The CBN made this known in a statement on Monday signed by its Acting Director of Supervision, Adetona Adedeji.

In 2019, the apex bank had declared that it would begin to levy bank customers making cash deposits and withdrawals as part of its efforts to reduce cash in use.

The CBN had said banks should charge five per cent processing fees for withdrawals and three per cent processing fees for lodgments of amounts above N3,000,000.

However, in its new directive, the apex bank said Deposits Money Banks should  accept all cash deposits from the public without any charges going forward.